NEWPORT, KY—Banyan Investment Group and Investra Investments have purchased a Comfort Suites here.
The six-story, 124-suite property will undergo a $1.75 million renovation during the next few months, according to the companies.
Built in 1997, the hotel includes a business center; exercise room and fitness center; three conference rooms with combined flexible meeting space of almost 3,100 sq. ft.; and 10 two-room suites with wet bars and whirlpool tubs.
This is the fifth transaction for Banyan and Investra during the past 18 months, bringing the value of their joint portfolio to more than $80 million in acquisition and improvement costs, according to the companies.
“This latest acquisition is an important step forward toward our company’s objective of establishing an initial portfolio that exceeds $100 million, that consists of select-service hotels and that is built on a value-added strategy,” stated Mobeen Jassat, senior principal with Dubai-based Investra. “With a U.S. presence, we have expanded rapidly and responsibly in North America and we are pro-actively reviewing additional growth opportunities within the hospitality sector.”
According to Andy Chopra, principal and chief investment officer with Banyan Investment Group, “Our firm continues to solidify its nationwide presence by identifying hotels whose performance can be enhanced and expanded by building on existing strong core qualities such as asset value, demand generators and a recognized brand.”
Demand generators for the Comfort Suites in Newport include the world headquarters of Proctor & Gamble, The Kroger Co., Macy’s, AK Steel Holding Co. and GE Aviation, Duke Energy Convention Center, the University of Cincinnati and Northern Kentucky University.
Immediately adjacent to the hotel is Newport on the Levee, an urban retail and entertainment center that includes the Newport Aquarium plus a movie theatre complex. Located within two miles are the stadiums for the Cincinnati Bengals football team and the Cincinnati Reds baseball team.